UAE, Saudi working on digital currency for cross-border deals

Dhwani Mehta FXStreet

The UAE central bank governor Mubarak Rashed al-Mansouri said in speech to a regional financial conference on Wednesday, “the United Arab Emirates is working with Saudi Arabia’s central bank to issue a digital currency that would be accepted in cross-border transactions between the two countries,” Reuters reports.

He added that the digital currency would be based on blockchain technology.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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